Autologic revenues boost Stobart sales

LOGISTICS group Stobart has seen half-year earnings hold up across the group.

In the six months to the end of August revenues jumped from £247.3m to £330.1m largely due to a £54.5m contribution from the Autologic vehicle transport business which was acquired for £12.4m in June 2012.

Group pre-tax profits were flat at £10.4m.

The Warrington-based business has moved into a number of areas, alongside its traditional logistics business, including flight services, renewable energy, property and law. But transport and distribution still account for 90% of revenues.

The logistics arm delivered a pre-tax profit of £14.3m, up from £14.1m on sales of £297.5m, which was described as a solid result “despite considerable demand volatility”. The group said profits were ahead in all its operating divisions.

Chief executive Andrew Tinkler said: “We are on track to deliver value across all of our divisions in line with our strategy. Our market-leading transport business continues to perform well and our growing air and biomass divisions are beginning to deliver on their potential.”

Net debt stands at £203m, down from £216.4m in February.